Show INTERNATIONAL BIMETALLISM The repeal of the Sherman silver purchase law and the recommendation of President Cleveland that efforts should be made to secure international agreement as to future silver coinage have been assailed by unprincipled Republicans Re-publicans and a few unthinking Democrats Demo-crats but they were both in agreement agree-ment with the platform on which the Democratic party gained the viotory in 1S92 They are also in accord with the views of the leading financiers of the nation It has been argued with some degree ot plausibility that the great government govern-ment of the United States is able to establish es-tablish its own financial policy independent inde-pendent of all the world But it must be admitted that in view of our commercial com-mercial relations abroad it would be far better if a bimetallic system could be adopted which would have international inter-national sanction so that the parity of the two money metals could be maintained main-tained abroad as well as at home and qur gold and silver coins be recognized at their full face value everywhere on earth The following cablegram from Ballard Smith to the New York World shows that President Clevelands suggestions sug-gestions and the Democratic platform are not without effect and may yet assume practical form as the basis for an international settlement of the silver sil-ver question London Dec 16The event of the week in London which is of the most importance to the United States was the bill practically adopted in parliament parlia-ment last Tuesday authorizing the In dian government to borrow 50000000 to meet maturing obligations between now Ann TvraT n > i The importance of this to the United States lies in the frank admission that so far at least the experiment of clos ing the Indian mints to the free coinage coin-age of silver has completely failed to achieve what that closing was meant to achievethat is the maintaining of the value of the rupee The London morning journals of both parties and the weekly financial newspapers published today unite in declaring that the situation in India is most critical and the Manchester Guar dian representing the vast Lancashire interests very bluntly intimates that if President Cleveland resummons the conference for establishing an international inter-national agreement as he asks in his message for power to do England must be prepared to assume a much more complaisant attitude than at Brussels The present situation in India may be briefly state thus The Indian government gov-ernment holds at home a large amount in silver to pay gold debts in England To pay these debts now in silver at present prices would ential a Joss l which as the Times says would be so large as would cause the most serious financial embarrassment Therefore India is obliged to borrow enough to tide over the present emergency emer-gency hoping for either a radical improvement im-provement in Indian affairs or the ap preciation in value of silver before tho new debt falls due All the financial papers today express I ex-press disbelief that either of these con ditions is to be hoped for and they substantially agree with the Manches ter Guardian in admitting that the so lution must be found in an international internation-al agreement The Guardian summing up its argument intimates that this solution must be speedily adopted The Indian the American and the British governments it says have the ability in themselves alone and unaided un-aided by any other power to solve the problem once for all and to dictate the monetary system of the world Both the Indian and the United States I governments desire the bimetallic solu tion which has been advocated by all I the ablest finance ministers of India I is approved by scientific economists throughout the world and by an in I creasing number of the most responsible responsi-ble capitalists bankers and financiers in London and has been declared feasible fea-sible and desirable by the majority of a royal commission appointed to investigate in-vestigate the question |